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Goldman to Have 'Good Numbers for Quite Awhile': Analyst

Goldman Sachs' better-than-expected earnings of $3.39 a share, or $1.66 billion, for the first quarter, isn't completely unexpected.

Michael Yoshikami, president and chief investment strategist at YCMNET Advisors tells CNBC that Goldman really actually did quite well in their fixed income business earnings report.

"They've been able to be pretty nimble to navigate what's happening in the environment, and I think that's been characteristic of them. Actually if you think about it, when the downturn actually happened, Goldman actually survived better than most because they actually have been so nimble. So they've been best in breed and they're proving it again," Yoshikami says.

Richard Bove financial strategist at Rochdale Securities adds that Goldman's numbers are good because their core business, which is trading, did extraordinarily well.

"If you think back over the years, trading has always been about two thirds the revenue of Goldman Sachs, and it was 70 percent of the revenue in this quarter," says Bove.

Bove says there's a whole series of things working in Goldman's favor. Firstly, less competition. Secondly, pricing power -- that's basically because Goldman has so few competitors left -- Goldman actually doubled the price of transactions in the first quarter. Third, there a sharp increase in trading activity in all markets, especially at the end of the quarter in the month of March. So trading -- which is the key business of this company -- did extraordinarily well.

Bove tells CNBC to expect to see some improvement in their investment bank business next quarter, because of big pharmaceutical deals coming down the pipe which Goldman will get paid for in that quarter.

Both Yoshikami and Bove though aren't hot on Goldman's $5 billion capital raising.

"I don't think they have to do it and I think it's wrong that they do it. I think the shareholders have suffered enough in Goldman Sachs, and I don't think issuing 40 million shares or diluting shareholders by about 8 percent makes any sense," Bove says.

Yoshikami adds that he wouldn't be interested in Goldman's current capital raising.

"I'm not sure the financial crisis is over, and considering how much the stock (Goldman) has rallied, at this point I think I'll sit this one out," Yoshikami says.